Defendant Name:
Wells Fargo Clearing Services, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Wells Fargo & Co.
SIC Code:
6021
CUSIP:
94974610
Document Reference:
34-102009
Document Details
Legal Case Name
In the Matter of Wells Fargo Clearing Services, LLC
Document Name
Order Instituting Administrative and Cease-and-desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-desist Order
Document Date
20-Dec-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On December 20, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Wells Fargo Clearing Services, LLC, stating: "This proceeding arises out of Respondent’s failure to submit to the Commission complete and accurate data in response to Commission staff electronic blue sheets (“EBS”) requests, resulting in the reporting of EBS that was incomplete or deficient. Respondent self-identified and self-reported all but one of the errors that underly this Order, including five errors that were self-reported prior to any regulatory inquiry concerning its EBS."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$900,000.00
Shared:
